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The taxation of annuity funds

Published online by Cambridge University Press:  18 August 2016

G. V. Bayley
G. V. Bayley
Affiliation:
The Equitable Life Assurance Society
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Extract

With these words Sir George Maddex, in his Presidential Address, directed our attention to the present system of taxation of annuity funds. M. E. Ogborn, on 27 October 1947, touched on the subject of uneven incidence of tax upon differing funds, and some uneasiness about the consequences was manifest in the discussion on that paper.

‘Income tax is another subject on which it is difficult for me to speak freely, but I cannot refrain from noting that the general taxation position, as it now affects life assurance and pensions business, has given rise to serious anomalies: ...one has only to consider... that the terms quoted by offices for the purchase of life annuities vary to a quite remarkable extent, depending on the distribution of the company's business between various funds, as it exists at the moment, and the consequential incidence of tax;...’

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 76 , Issue 3 , December 1950 , pp. 237 - 252
Copyright
Copyright © Institute and Faculty of Actuaries 1950

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References

(1) Ogborn, M. E. (1947). The taxation of annuities. J.I.A. Vol. lxxiv, p. 31.Google Scholar
(2) Rowland, S.J. and Wales, F.H. (1937). The taxation of the annuity fund and some practical points arising therefrom. J.I.A. Vol. lxviii, p. 447.Google Scholar
(3) Shrewsbury, A. H. (1943). Income tax as affecting life assurance offices. J.I.A. Vol. lxxii, p. 35.Google Scholar